OPEC in the 21st Century: How has it Evolved?

The instructions are to just write how OPEC has evolved in the 21st Century compared to how it was. I have the sources needed for the paper but you could also add more current event articles which deal with OPEC as long as it relates to my paper’s topic which is OPEC in the 21st Century: How has it Evolved? I will be adding my document which contains the sources as well as the writing style I planned and the first introductory paragraph. Here are the sources and document since it will not upload to the “Drop Off” file area, it is the Annotated Bibliography which contains what is needed:

Topic: OPEC in the 21st Century: How has it Evolved?

Annotated Bibliography:

Adelman, M. A. (1990). The 1990 Oil Shock is Like the Others. The Energy Journal, 11(4). Retrieved October 9, 2020, from https://www-jstor-org.proxy-mansfield.klnpa.org/stable/41322668?seq=1#metadata_info_tab_contents

Adelman goes over on how the 1990 Oil Shock is like all of the other ones we have had throughout the economy. He also goes over how OPEC is like a “cartel” where some disagree that it is just a “market” even though he states a key argument on how they are a cartel.

Ahrari, M. E. (1986). OPEC: The failing giant. Lexington: University Press of Kentucky.

Ahrari goes over on how OPEC is a “falling giant” because of their own actions. She discusses how they show they have control over the oil and the Western powers have to follow suit in order to gain their oil, as well as how they had raised their prices in oil, it has doomed them as an industry and are now having “Catch 22” effects.

Bina, C., & Vo, M. (2007). OPEC in the Epoch of Globalization: An Event Study of Global Oil Prices. Global Economy Journal, 7(1). Retrieved October 9, 2020, from https://www.academia.edu/33487195/OPEC_in_the_Epoch_of_Globalization_An_Event_Study_of_Global_Oil_Prices

Bina and Vo go over how OPEC has been responding to these oil crises since the 1970’s due to relations and retrieval. It is also just an overview on how OPEC works and what they do as an organization for the world in the oil industry.

(SA)Chalabi, F. J. (1997). OPEC: An Obituary. Foreign Policy, (109), 126-140. Retrieved October 8, 2020, from https://www-jstor-org.proxy-mansfield.klnpa.org/stable/1149466?seq=1#metadata_info_tab_contents

Chalabi goes over how OPEC used to be the “main power” when it came to energy around the world as they controlled the oil and prices. He as well goes over how they are actually already dead due to the fall in oil and rise in renewable energy which comes out cheaper than the steep oil prices.

(SA)Colgan, J. D. (2014). The Emperor Has No Clothes: The Limits of OPEC in the Global Oil Market. International Organization, 68(3), 599-632. Retrieved October 8, 2020, from https://www-jstor-org.proxy-mansfield.klnpa.org/stable/43282120?seq=3#metadata_info_tab_contents

Colgan goes over how OPEC is actually an organization attempting to give its members more political recognition rather than power. He also goes to state how OPEC is not a cartel and how that is just a “rational myth” in todays world.

Giuliano, G. (2019). The Rise and Fall of OPEC in the Twentieth Century. Oxford: Oxford University Press.

This source discusses the entire history of OPEC in the twentieth century and how they came to be and how they themselves were affected from the crises which occurred such as the 1973 and 1990’s crises. It also discusses how they have the power to stop conflict or start it as oil is seen and known as the “liquid gold”.

(SA)Islam, A. L., & Espinola-Arredondo, A. (2019). Do Renewables Affect the Strategic Behavior of OPEC? Do Renewables Affect the Strategic Behavior of OPEC? Retrieved October 9, 2020, from http://ses.wsu.edu/wp-content/uploads/2019/09/OPEC-Strategy_Sept25.pdf

This source discusses OPEC and how non-members may affect their market structure due to the new renewable energy instead of these fossil fuels and oil. It also goes over how they use a “squeeze” method of selling their industry and bringing in a profit or not because of the renewable energy that is being made and how this affects them in the long run.

McNally, R. (2017). Crude Volatility: The History and the Future of Boom-Bust Oil Prices. New York: Columbia University Press.

McNally discusses how OPEC has been lenient in the past ten years and that the oil market has been rocked by wild price swings that have not been seen for decades. He also goes over how oil came so apparent to the world and why we use it and how it effects our economies.

Organization of the Petroleum Exporting Countries. (n.d.). Retrieved October 10, 2020, from https://www.opec.org/opec_web/en/index.htm

This site being the main OPEC site goes over their plans for the future as an industry comparing to the new renewable energy. It also gives facts and data from the past and talks about how the industry has dealt with the increase in pricing along with the other countries in OPEC.

(SA)Tajudeen, I. A., & Wossink, A. (2020). The Underlying Trend of OPEC Energy Intensity and the Environmental Implications. OPEC Energy Review. Retrieved October 8, 2020, from doi:https://onlinelibrary.wiley.com/doi/full/10.1111/opec.12183

This source discusses how OPEC’s material (oil) is causing environmental impacts and how it is unhealthy for the world using charts, data and facts to prove that it is affecting the climate. It also discusses how oil is emitting more CO2 from the work it takes to get compared to if we just used the renewable energy we are trying to perfect.

Verrastro, F. A., & Caruso, G. (2013). The Arab Oil Embargo—40 Years Later. Retrieved October 9, 2020, from https://www.csis.org/analysis/arab-oil-embargo%E2%80%9440-years-later

This source discusses how the infamous oil embargo of 1973 was put into place long before that year. It also goes over how some members of OPEC made another group named OAPEC (Organization of Arab Petroleum Exporting Countries) which basically set up the embargo in 1968.

Paper Organization: ab ab ab

Introductory Paragraph:

OPEC (Organization of the Petroleum Exporting Countries) has been around since the 1960’s. Founded on September 14, 1960 by its first five members and since 1965 has been headquartered in Vienna, Austria. It is an organization in which focuses on attempting to stabilize the oil markets as all of the members gather their oil through production. Now OPEC controls around 82% of the world’s oil reserves which makes them able to set the prices on oil along with the exporting which effects economies. Since its creation, OPEC has been seen as a “cartel” and a market in which simply “controls the world” in energy. However, does OPEC still have a relevancy in today’s modern world. Considering there are many new sources of energy which are renewable, and OPEC has already maximized their oil prices. So how has OPEC evolved in the 21st century and compared to the 20th century.